Brazil’s Vale pays $1.1bn to increase ownership of fert maker

12 December 2011 23:56[Source: ICIS news]

HOUSTON (ICIS)--Brazilian mining firm Vale bought nearly reais (R) 2.1bn ($1.1bn, (€830m) in outstanding shares of Vale Fertilizantes in its drive to increase ownership of the fertilizer producer, the company said on Monday.

Vale said it obtained 83.8% of ordinary shares and 94.0% of preferential shares, at a unit price of R25.

Vale had filed earlier a request to acquire up to 100% of the free float shares of its fertilizer unit through the offer, which would aim at cancelling its registry at the Sao Paulo stock exchange.